Technology Briefing | Deals: Take-Two Acquires Angel Studios

Take-Two Interactive Software Inc., whose Grand Theft Auto 3 is one of the best-selling video games, said it had bought the closely held Angel Studios Inc. for about $34.7 million in cash and stock. Take-Two paid $28 million in cash and 235,679 shares of restricted common stock for Angel. The stock portion is valued about $6.69 million, based on Take-Two's closing price Tuesday. Angel, founded in 1985, developed the software titles Midnight Club and Smuggler's Run for Take-Two's Rockstar Games division, New York-based Take-Two said. The management of Angel, based in Carlsbad, Calif., has signed long-term employment agreements with Take-Two. Shares of Take-Two rose $1.10, to $29.50.